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January 14, 2022 at 02:03 PM
Wells Fargo’s Wealth and Investment Management business reported a 16% year-over-year jump in average yearly fees and commissions per advisor for the fourth quarter of 2021.
This figure, often referred to as advisor production, stood at $1.17 billion for the quarter versus $1.10 billion in the year-earlier period. The fourth-quarter tally was up 2% from the prior quarter’s $1.14 billion.
Total assets for the business unit stood at nearly $2.2 trillion, up 9% from a year ago and 4% from the earlier quarter.
But the wealth unit’s number of financial and wealth advisors continues to tumble. This headcount dropped 8% year over year to 12,367 from 13,513, and it declined 1% from the prior quarter’s 12,552.
The bank had 15,086 registered reps as of Sept. 30, 2016, when it began making headlines for its fake-accounts scandal.
